UK House of Lords backs mandatory digital asset strategy over Labour position

The amendment would require the UK Treasury to develop a strategy covering cryptoassets, stablecoins, tokenized securities and digital financial infrastructure.

The UK House of Lords backed an amendment requiring the government to develop a digital asset strategy, in a 194–138 vote on Wednesday, despite the Labour government’s opposition to the measure.

The amendment was added to the Financial Services and Markets Bill during its Report Stage on Wednesday. The bill is progressing through Parliament and would make broader changes to the UK’s financial services regulatory framework.

Amendment 88, introduced by Conservative peer Baroness Neville-Rolfe, would require the Treasury to prepare, publish and consult on a digital asset strategy within 12 months of the Financial Services and Markets Bill becoming law.

Read more